Brexit Outline: What is the UK Government’s Plan for Brexit?

Brexit Outline: What is the UK Government's Plan for Brexit?

A Quick Recap on Brexit

Back in June 2016, the result of a referendum was that 51.9% of voters chose to Leave the EU. David Cameron stepped down as Prime Minister of the UK, and Theresa May replaced him. She triggered Article 50 on 29th March 2017. This legislation means that the UK has two years to negotiate our withdrawal with the rest of the EU states. However, the deadline is fast approaching. The UK is due to leave the EU at 11pm on Friday 29th March 2019. Theresa May has finally drafted an agreement with the EU, as well as a political declaration outlining future relations. UK Parliament will be voting on the agreement on 11th December 2018. It will then go to a vote in the European Parliament if it passes. If not, the UK could face leaving the EU with no deal, which would result in chaos. Formal negotiations on any official Brexit deal will only get underway when Brexit officially happens in March. This is what is happening and what could happen to affect the path of Brexit between now and then:

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What is HMRC? – A Guide

What is HMRC?

What is HMRC?

HMRC is a UK government organization, Her Majesty’s Revenue & Customs. This non-ministerial department is the authority on taxes, payments, and customs in the United Kingdom. Their administration collects taxes to pay for public services such as the NHS and education. They also issue some state benefits to families or individuals in need of financial support from the government. The aim of HMRC is to maximize revenue for the UK and prevent tax avoidance and evasion. Sometimes it is known as just the Tax Office. Every UK citizen has to deal with HMRC.

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Manage My Tax Credits Online

Manage My Tax Credits Online Guide

What are Tax Credits?

Tax Credits are a state benefit which the UK government pays to eligible claimants. If you qualify for tax credits, you must fill out a claim form to apply for them. The Tax Credit Office could fine you up to £3,000 if you provide incorrect information. They will usually backdate tax credits up to 31 days before the start of your claim. You might have to ask them to do this if you are claiming other benefits. The amount of money that you will receive every week or four weeks depends on your circumstances, particularly your income. Working Tax Credit can top up low incomes, and Child Tax Credit can help with childcare costs. You can’t claim tax credits at the same time as Universal Credit because it’s replacing them.

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A Guide to National Insurance

A Guide to National Insurance

What is National Insurance?

National Insurance is a form of tax which applies to your earnings for every pay period. This could be weekly or monthly according to your employer’s payment arrangements. It will be deducted from your wages along with Income Tax. If you are self-employed, you have to complete a Self Assessment tax return before paying both Income Tax and National Insurance Contributions. You must pay NIC if you are over 16 years old and in employment earning over £162 a week, or self-employment with a profit above £6,205 a year. You stop paying when you reach the State Pension age. If you don’t pay National Insurance contributions, you will not qualify to receive certain benefits. These include the State Pension, Jobseeker’s Allowance, Employment and Support Allowance, Maternity Allowance, and Bereavement Support. You need an NI number to pay.

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